@thejohnnycrypto
The metaphor was simple—and hard to unsee: “Every application has to live on an L1,” he said.
Watching Cosmo Jiang, General Partner from Pantera Capital at Solana Breakpoint Abu Dhabi 2025, he compared blockchains to malls. Apps are the stores. The L1 is the landlord.
What stuck with me:
• Every app depends on the same base layer
• Fees are rent, paid no matter who wins
• App competition squeezes margins over time
• Infrastructure keeps collecting
It reframes a lot of debates about where value really accrues. Interfaces change. Infrastructure tends to stick around.
If you’re thinking about long-term value capture in crypto, curious which layer you’re betting on.
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